1st-x-HomeBuyerAZ
New Member
- Jurisdiction
- Arizona
Hello,
I am writing to see if anyone might have some insight on strange situation. I just purchased my very first home. I was super excited, and extremely stressed as I had never been through this process before. I was counting on my great credit and 1st home purchase for down payment assistance. I had gotten the buyer to agree to pay all of the closing costs for me. Everything was lined up and in place. I had an attractive loan package!
As it turned out, about 3/4 of the way through the loan process with about 2 weeks left to go until COE, my broker forwarded me an email from his Sr. Loan Officer who stated I was above the "maximum income levels and did not meet the criteria for DPA". It was my error for not saying something then...but that number was wrong! She calculated my income as a full time employee. I am a contractor and do not get paid holidays or sick time. I am paid an hourly wage. My earnings would never be what she indicated and based her decision on. If you take my hourly wage for the year, and remove the "holidays", I am well BELOW the DPA income limits. In sheer panic, I scrambled to come up with $9,000 down payment...it was not fun, and the deal almost fell thru multiple times.
I'm very frustrated as a first time home buyer...I was really counting on that DPA program! I was entitled to it. I qualified for it. Everything was in line and and in place...but the loan officer made an error. Is there any insurance I can possibly make a claim too? Is there a way to recoupe my loss? I get people make mistakes, but this was costly for me!
I am writing to see if anyone might have some insight on strange situation. I just purchased my very first home. I was super excited, and extremely stressed as I had never been through this process before. I was counting on my great credit and 1st home purchase for down payment assistance. I had gotten the buyer to agree to pay all of the closing costs for me. Everything was lined up and in place. I had an attractive loan package!
As it turned out, about 3/4 of the way through the loan process with about 2 weeks left to go until COE, my broker forwarded me an email from his Sr. Loan Officer who stated I was above the "maximum income levels and did not meet the criteria for DPA". It was my error for not saying something then...but that number was wrong! She calculated my income as a full time employee. I am a contractor and do not get paid holidays or sick time. I am paid an hourly wage. My earnings would never be what she indicated and based her decision on. If you take my hourly wage for the year, and remove the "holidays", I am well BELOW the DPA income limits. In sheer panic, I scrambled to come up with $9,000 down payment...it was not fun, and the deal almost fell thru multiple times.
I'm very frustrated as a first time home buyer...I was really counting on that DPA program! I was entitled to it. I qualified for it. Everything was in line and and in place...but the loan officer made an error. Is there any insurance I can possibly make a claim too? Is there a way to recoupe my loss? I get people make mistakes, but this was costly for me!
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